AVS vs. USD

Last updated Jun 25, 2026

AVS (Direxion Daily AVGO Bear 1X Shares) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - AVS is a Inverse Equities fund actively managed by Direxion, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). AVS is actively managed, while USD is passively managed. Over the past year, AVS returned -40.93% vs 185.84% for USD. At a correlation of -0.77, they often move in opposite directions. AVS charges 0.98%/yr vs 0.95%/yr for USD.

Performance

AVS vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AVGO Bear 1X Shares (AVS) and ProShares Ultra Semiconductors (USD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVS achieves a -16.68% return, which is significantly lower than USD's 83.22% return.

AVS

• 1D: -0.51%
• 1M: 4.24%
• YTD: -16.68%
• 6M: -15.57%
• 1Y: -40.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USD

• 1D: -0.77%
• 1M: 0.95%
• YTD: 83.22%
• 6M: 78.17%
• 1Y: 185.84%
• 3Y*: 113.73%
• 5Y*: 63.17%
• 10Y*: 60.90%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AVS vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVS Direxion Daily AVGO Bear 1X Shares	-16.68%	-45.96%	-27.15%
USD ProShares Ultra Semiconductors	83.22%	62.08%	-3.35%

Correlation

The correlation between AVS and USD is -0.75, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.75
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	-0.77

The correlation between AVS and USD has been stable across timeframes, ranging from -0.77 to -0.75 - a consistent structural relationship.

Return for Risk

AVS vs. USD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AVS

AVS Risk / Return Rank: 2
AVS Sharpe Ratio Rank: 3
AVS Sortino Ratio Rank: 3
AVS Omega Ratio Rank: 3
AVS Calmar Ratio Rank: 2
AVS Martin Ratio Rank: 2

USD

USD Risk / Return Rank: 82
USD Sharpe Ratio Rank: 91
USD Sortino Ratio Rank: 68
USD Omega Ratio Rank: 72
USD Calmar Ratio Rank: 93
USD Martin Ratio Rank: 86

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AVS vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AVGO Bear 1X Shares (AVS) and ProShares Ultra Semiconductors (USD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AVS	USD	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	2.76	-3.65
Sortino ratio: Return per unit of downside risk	-1.22	2.78	-4.00
Omega ratio: Gain probability vs. loss probability	0.85	1.38	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.80	5.88	-6.68
Martin ratio: Return relative to average drawdown	-1.41	16.26	-17.67

AVS vs. USD - Sharpe Ratio Comparison

The current AVS Sharpe Ratio is -0.88, which is lower than the USD Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of AVS and USD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AVS vs. USD - Drawdown Comparison

The maximum AVS drawdown since its inception was -76.77%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for AVS and USD.

Drawdown Indicators

	AVS	USD	Difference
Max Drawdown Largest peak-to-trough decline	-76.77%	-88.63%	+11.86%
Max Drawdown (1Y) Largest decline over 1 year	-51.29%	-31.80%	-19.49%
Max Drawdown (3Y) Largest decline over 3 years	—	-64.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-77.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-77.85%	—
Current Drawdown Current decline from peak	-71.72%	-15.35%	-56.37%
Average Drawdown Average peak-to-trough decline	-49.51%	-32.29%	-17.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.24%	11.48%	+17.76%

Volatility

AVS vs. USD - Volatility Comparison

The current volatility for Direxion Daily AVGO Bear 1X Shares (AVS) is 20.67%, while ProShares Ultra Semiconductors (USD) has a volatility of 34.08%. This indicates that AVS experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVS	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.67%	34.08%	-13.41%
Volatility (6M) Calculated over the trailing 6-month period	33.02%	53.79%	-20.77%
Volatility (1Y) Calculated over the trailing 1-year period	46.66%	67.97%	-21.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.05%	77.72%	-23.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.05%	69.82%	-15.77%

AVS vs. USD - Expense Ratio Comparison

AVS has a 0.98% expense ratio, which is higher than USD's 0.95% expense ratio.

Dividends

AVS vs. USD - Dividend Comparison

AVS's dividend yield for the trailing twelve months is around 3.48%, more than USD's 0.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVS Direxion Daily AVGO Bear 1X Shares	3.48%	4.22%	1.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.25%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both AVS and USD in my portfolio?

AVS and USD have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVS or USD?

USD has higher volatility (34.08%) compared to AVS (20.67%). In terms of maximum drawdown, AVS dropped -76.77% vs USD's -88.63%.

Which ETF is better, AVS or USD?

On 1-year performance, USD leads with 185.84% vs -40.93% for AVS. On fees, USD is cheaper at 0.95% per year. On volatility, AVS has been the lower-risk option at 20.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVS or USD?

Over the 1-year period, USD has performed better with a 185.84% return vs -40.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVS or USD?

USD is cheaper with a 0.95% expense ratio, compared with 0.98% for AVS.

Which ETF pays a higher dividend yield, AVS or USD?

AVS has the higher dividend yield at 3.48%, compared with 0.25% for USD.

What is the main difference between AVS and USD?

AVS is categorized as Inverse Equities, while USD is Leveraged Equities. They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.98% for AVS and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (2.76 vs -0.88), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.